For hundreds of years, Swiss banks have been the “golden child” of banking.
They had a reputation for being the safest place to keep your money. Through wars and regime changes, through plagues and pandemics, they have stood honoured as a bastion of banking.
This month that illusion was shattered.
And with it we are forced to realise that banks are just businesses too, and face external and internal pressures that can derail them. That’s not to say we have never seen banks collapse. We have, but those banks seemed reckless and unstable compared to the famous Swiss bank.
It’s been a real eye opener for many people. Banks and banking have always been something of a shadowy world. Not that banks are hiding anything sinister, but how they operate is not simple and most of us were never taught at school about how banks work or how they could fail.
In this issue we take a bit of a peek below the hood to see how the banks make their money and how they lose it.
We consider what can be learnt from the current banking crisis that is spilling across the globe, and we discuss how it will impact us.
‘it can be hard when you enter debt review and are asked to trust a Debt Counsellor’
We also talk about trust. Trust is not easily given. So, it can be hard when you enter debt review and are asked to trust a Debt Counsellor. We discuss some situations that can test our trust, and how we can think about things and know who to trust in that moment.
If you are looking for a Debt Counsellor, Attorney, PDA or credit provide then head to our service directory section. We also have other news and great advice. Is it a good idea to pawn your car with one of those deals where you still get to drive the car? Well, we talk about that and other tips and tricks – all the usual goodies crammed into this issue.
In 2020 we learned that pandemics can happen overnight.
In 2021 we learned that even the American political system can face a coup.
In 2022 we learned that war can break out in the most unexpected places.
And this year we are fast learning that the institutions we think are so stable, are also open to system shock.
In the midst of all this uncertainty, what can we rely on?
Not, Swiss banks.
No but, hopefully you can rely on your family and friends.
You can also rely on prices to increase and your salary to feel like it is shrinking.
You can also rely on debt making you feel stressed and bad.
So, trust those helping you and carry on paying off your debts as fast as you can. That way at least, in among all this madness, you can say you are debt free.
